Am I correct in assuming that the fact that my conveyancer in Petersham is not on my mortgage company's solicitor panel that there is a problem with the quality of her work?
That would more than likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Petersham conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
Please help. My Petersham lawyer is assuring me that he is legally obliged toconduct Petersham conveyancing searches becausethe firm are on the Nat Westapproved lawyer panel. Is this really necessary?
You have limited options available to you. As you are obtaining a home loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Petersham conveyancing searches.
It is 10 years ago since I acquired my house in Petersham. Conveyancing solicitors have now been appointed on the sale but I am unable to find my title deeds. Will this cause complications?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they may still be with the solicitor who handled the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Petersham involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
I am the only recipient of my late mum's will and I have everything in my name alone, including the house in Petersham. The Petersham property was put into my name in December. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How practical a view banks take of it, depend on the mortgage company as this obligation is chiefly there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
We are getting the release of further funds on our mortgage from Barclays as we intend to conduct renovations to our home in Petersham. Are we obliged to select a nearby Petersham solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays do not ordinarily instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Petersham solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Petersham postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Petersham.
The estate agent has sent us the confirmation of our purchase of a new build flat in Petersham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Petersham
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
How and when do I pay the Stamp Duty Land Tax due for my Petersham flat purchase?
Your lawyer should complete a stamp duty return on your behalf during your Petersham conveyancing transaction for you to sign. On completion your property lawyer will submit your Land Transaction application to the Inland Revenue and - as long as they have the money - discharge any tax bill liability on your behalf.